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ICRA reaffirms Godrej Prop credit rating   

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Bengaluru, February 19, 2024: Godrej Properties Ltd. (GPL), on Monday announced reaffirmation of credit rating by ICRA. 

Credit Rating Limits for bank facilities have been reaffirmed at [ICRA]AA+/[ICRA]A1+ with an enhancement of Rs. 6,500 crore. Outlook on the long-term rating is “Stable”. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Rating for INR 2,000 Crore Commercial Paper (CP) reaffirmed at [ICRA]A1+. Instruments with [ICRA]A1+ rating are considered to have a very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.

Long–term rating for INR 4,000 crore NCD Borrowing Program reaffirmed at [ICRA]AA+. Outlook on the long-term rating is “Stable”. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Rating AgencyInstrumentAmount(INR in crore)RatingsRating Actions
ICRA Limited
Non-ConvertibleDebentures Program4,000[ICRA]AA+ (Stable)Reaffirmed
Long/Short Term -Fund-based/Non fund based11,000(enhanced from INR 4,500 Crore)[ICRA]AA+(Stable)(long-term rating)[ICRA]A1+(short-term rating)Reaffirmed / Assigned 
Commercial Paper 2,000[ICRA]A1+ Reaffirmed 
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